Bike retailer to appoint administrators
Specialist bike retailer, Planet X, has this week filed a notice of intention to appoint an administrator.
A Companies House first Gazette notice for the compulsory strike off of the business has also been posted, dated 6 June 2023. It states that the business will be struck off the register and dissolved not less than two months from this date, “unless cause is shown to the contrary”.
The Rotherham-based business was established 27 years ago and sells bikes designed by its own in-house team.
In 2020, the company’s 50 employees acquired the business from its founders and set up an Employee Owned Trust.
The business, which is based at Aldwarke Wharfe Business Park, explained this funding meant it would be able to react to the changing market, both in terms of Brexit and the impact of COVID-19.
According to a company report for the year ended 29 March 2022, the firm generated a turnover of nearly £17m in FY 2021/22, down from £19.1m in FY 2020/21. Pre-tax profits for the period were £1.1m (FY 2021/21: £2.8m).
TheBusinessDesk.com has contacted Planet X for comment.